Federal tax credits coming for Michigan projects

DETROIT (AP) - A private organization will receive $28 million in federal tax credits for investments tied to a Detroit light rail project and related economic development in the city's downtown and Midtown. The credits given to Invest Detroit are part of the Treasury Department's New Markets Tax Credit Program and were announced last Thursday by U.S. Sens. Debbie Stabenow and Carl Levin. The program allows organizations and nonprofits use of the tax credits to attract investors, who help finance community development projects. The Great Lakes Capital Fund will receive $35 million in credits for projects to revitalize neighborhoods across the state. Virginia-based Capital Impact Partners is receiving $43 million to help support its national healthy food initiatives, including the Good Food Fund that seeks to increase access to healthy food for Michigan residents. Published: Mon, Jun 09, 2014